PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1267380
PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1267380
Europe Mobile Phone Insurance Market By Coverage ; By Phone Type ; By Sales Channel ; By End User ; By Country, Trend Analysis, Competitive Landscape & Forecast, 2019-2029
Europe Mobile Phone Insurance Market Size More Than Doubles to Cross USD 36.3 Million by 2029.
Europe mobile phone insurance market is thriving due to a growing focus on purchasing insurance cover for increasing incidents of accidental damage, phone thefts, virus attacks, and device malfunction. These incidents have impelled customers to look for ways to safeguard their mobile phones.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Europe mobile phone insurance market size at USD 14.22 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Europe mobile phone insurance market size to grow at a significant CAGR of 10.87% reaching a value of USD 36.22 million by 2029. The Europe mobile phone insurance market is expected to rise at a rapid pace, as mobile phones have become an integral element of modern life, serving as a platform for entertainment, education, and news, among other things. They are also an efficient means of carrying out digital payments and transactions. Customers are looking for solutions to safeguard the safety of mobile phones, which are being used for digital transactions and storing personal information. In the event of a mobile phone loss or malfunction, mobile phone insurance allows the client to avoid costly replacement charges. With the increasing demand for smartphones among consumers, there is a greater need for mobile phone insurance. It, in turn, is projected to drive the growth of Europe mobile phone insurance market during the period in analysis.
Opportunity: Growing adoption of Business Intelligence (BI) tools by market players
The growing adoption of Business Intelligence (BI) tools by market players is anticipated to propel the growth of Europe mobile phone insurance market during the forecast period. BI tools are beneficial. Furthermore, the use of BI technologies allows enterprises to track data about customer purchasing behavior and acquire insights into consumer patterns, allowing them to make more educated judgements about the services that can be provided in the mobile phone insurance market. As a result of the increased usage of BI tools by leading market participants, demand for mobile phone insurance rises, boosting market growth.
Increasing adoption of high quality smartphones
The increasing demand for mobile phone insurance on accidents, such as mechanical breakdown, accidental phone damage or malicious & liquid damage, theft, and unauthorized usage puts pressure on insurance companies to invest in and develop such products that have less proliferation, high coverage, and provide financial security in the form of new refurbished phones. There has been a surge in the incidents in the recent years, in terms of accidental damage from handling and loss protection, which has resulted in a greater need for mobile phone insurance.
Challenge: Inadequate customer service and complex policy terms and conditions
Poor customer service can limit the mobile phone insurance market's growth potential in Europe. When making a claim or need assistance, consumers expect timely and efficient assistance, and lacking support can lead to frustration and negative reviews. Mobile phone insurance coverage can be complicated, with lengthy clauses that are difficult for customers to understand. Customers are confused and dissatisfied as a result, limiting the market's potential growth pace.
Europe Mobile Phone Insurance Market - By Sales Channel:
Based on sales channel, the Europe mobile phone insurance market is segmented into wireless carriers, mobile operators, device OEMs, retailers, online, and others. Europe is the largest region in the global online market, and with the increasing demand for smartphones in the region, there is a growing need for mobile phone insurance. With the many internet smartphone websites, consumers may quickly analyze the attributes of different smartphone manufacturers and find out the benefits and downsides of different models. As a result of the increased purchasing of smartphones through online sales channels, the demand for mobile phone insurance is expected to rise over the forecast period.
Europe Mobile Phone Insurance Market - By End User:
Based on end user, the Europe mobile phone insurance market is bifurcated into business and individuals segments. The Individuals segment is expected to be a faster growing end-user segment during the forecast period, due to increasing subscription for mobile services among people in Europe. For instance, in 2021, in Europe, 474 million individuals (86% of the population) enrolled to mobile services, and this figure is forecast to touch 480 million by 2025. Therefore, increasing subscription for mobile services among individuals could significantly aid the market growth during the projected period.
Europe Mobile Phone Insurance Market - By Country:
The European mobile phone insurance market is dominated by Germany and the United Kingdom. Germany and the United Kingdom have the highest number of mobile users in Europe. According to the GSM Association, in 2021, Germany and the United Kingdom accounted for more than a third of the 6 million new users predicted between now and 2025. Thus, due to growing number of mobile phone users in Germany and the United Kingdom, the demand for the mobile phone insurance also increases.
Impact of COVID-19 on Europe Mobile Phone Insurance Market
The coronavirus pandemic had a significant impact on the mobile phone insurance business, as some nations have implemented travel bans; policyholders are making claims, requesting additional mobile phone coverage; and market norms were changing. It made insurers halt sales of new mobile phone insurance coverage in the market. Although the COVID-19 pandemic hampered market growth, the mobile phone insurance market is expected to rebound by the third quarter of 2023. This is due to an increase in government support and initiatives for the insurance business, as well as an increase in client purchasing power to purchase mobile phone insurance.
Competitive Landscape:
Europe mobile phone insurance market is highly competitive, with all the players continually competing to gain a larger market share. The key players in the market include Apple Inc., American International Group, Inc., Assurant, Inc, Asurion, AT&T Inc., AmTrust Financial, Brightstar Corp, GoCare Warranty Group, SquareTrade, Inc., and Taurus Insurance Services Limited.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the Europe Mobile Phone Insurance Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Europe Mobile Phone Insurance Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
Table of Contents
1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
2. Executive Summary
3. Europe Mobile Phone Insurance Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Growing adoption of adoption of smartphones among consumers
- 3.2.1.2. Increasing integration of insurance offerings with mobile apps and developing new policy to the evolving needs of consumers
- 3.2.2. Restraints
- 3.2.2.1. High cost associated with smartphones
- 3.2.2.2. Lack of awareness about mobile phone insurance among many consumers
- 3.2.3. Opportunities
- 3.2.3.1. Growing incidences of smartphone thefts
- 3.2.3.2. Expansion of mobile phone insurance into emerging markets
- 3.2.4. Challenges
- 3.2.4.1. Complex policy terms and conditions associated with mobile phone insurance
- 3.2.4.2. Regulatory Obstacles
- 3.2.1. Growth Drivers
- 3.3. Technology Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter's Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
4. Europe Mobile Phone Insurance Market Overview
- 4.1. Market Size & Forecast by Value & Volume, 2019-2029
- 4.1.1. By Value (USD Million)
- 4.2. Market Share & Forecast
- 4.2.1. By Coverage
- 4.2.1.1. Physical Damage
- 4.2.1.2. Electronic Damage
- 4.2.1.3. Internal Component Failure
- 4.2.1.4. Theft & Loss Protection
- 4.2.1.5. Virus & Data Protection
- 4.2.1.6. Others
- 4.2.2. By Phone Type
- 4.2.2.1. Budget Phones
- 4.2.2.2. Mid & High-end Phones
- 4.2.2.3. Premium Smartphones
- 4.2.3. By Sales Channel
- 4.2.3.1. Wireless Carriers
- 4.2.3.2. Mobile Operators
- 4.2.3.3. Device OEMs
- 4.2.3.4. Retailers
- 4.2.3.5. Online
- 4.2.3.6. Others
- 4.2.4. By End Users
- 4.2.4.1. Business
- 4.2.4.2. Individuals
- 4.2.5. By Country
- 4.2.5.1 Germany
- 4.2.5.2 United Kingdom
- 4.2.5.3 France
- 4.2.5.4 Italy
- 4.2.5.5 Rest of Europe
- 4.2.1. By Coverage
5. Germany Mobile Phone Insurance Market Overview
- 5.1. Market Size & Forecast by Value & Volume, 2019-2029
- 5.1.1. By Value (USD Million)
- 5.2. Market Share & Forecast
- 5.2.1. By Coverage
- 5.2.2. By Phone Type
- 5.2.3. By Sales Channel
- 5.2.4. By End Users
6. United Kingdom Mobile Phone Insurance Market Overview
- 6.1. Market Size & Forecast by Value & Volume, 2019-2029
- 6.1.1. By Value (USD Million)
- 6.2. Market Share & Forecast
- 6.2.1. By Coverage
- 6.2.2. By Phone Type
- 6.2.3. By Sales Channel
- 6.2.4. By End Users
7. France Mobile Phone Insurance Market Overview
- 7.1. Market Size & Forecast by Value & Volume, 2019-2029
- 7.1.1. By Value (USD Million)
- 7.2. Market Share & Forecast
- 7.2.1. By Coverage
- 7.2.2. By Phone Type
- 7.2.3. By Sales Channel
- 7.2.4. By End Users
8. Italy Mobile Phone Insurance Market Overview
- 8.1. Market Size & Forecast by Value & Volume, 2019-2029
- 8.1.1. By Value (USD Million)
- 8.2. Market Share & Forecast
- 8.2.1. By Coverage
- 8.2.2. By Phone Type
- 8.2.3. By Sales Channel
- 8.2.4. By End Users
9. Rest of Europe Mobile Phone Insurance Market Overview
- 9.1. Market Size & Forecast by Value & Volume, 2019-2029
- 9.1.1. By Value (USD Million)
- 9.2. Market Share & Forecast
- 9.2.1. By Coverage
- 9.2.2. By Phone Type
- 9.2.3. By Sales Channel
- 9.2.4. By End Users
10. Competitive Landscape
- 10.1. List of Key Players and Their Offerings
- 10.2. Asia Pacific Lane Warning Systems Company Market Share Analysis, 2022
- 10.3. Competitive Benchmarking, By Operating Parameters
- 10.4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
11. Impact of Covid-19 on Europe Mobile Phone Insurance Market
12. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, SWOT Analysis, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
- 12.1. Apple Inc.
- 12.2. American International Group, Inc.
- 12.3. Assurant, Inc.
- 12.4. Asurion
- 12.5. AT&T Inc.
- 12.6. AmTrust Financial
- 12.7. Brightstar Corp.
- 12.8. GoCare Warranty Group
- 12.9. SquareTrade, Inc.
- 12.10. Taurus Insurance Services Limited
- 12.11. Other Prominent Players
13. Key Strategic Recommendations
14. Research Methodology
- 14.1. Qualitative Research
- 14.1.1. Primary & Secondary Research
- 14.2. Quantitative Research
- 14.3. Market Breakdown & Data Triangulation
- 14.3.1. Secondary Research
- 14.3.2. Primary Research
- 14.4. Breakdown of Primary Research Respondents, By Region
- 14.5. Assumption & Limitation
*Financial information in case of non-listed companies will be provided as per availability
**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable
List of Figures
- Figure 1 Europe Mobile Phone Insurance Market Segmentation
- Figure 2 Europe Mobile Phone Insurance Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2022
- Figure 4 Europe Mobile Phone Insurance Market Size, By Value (USD Million), 2019-2029
- Figure 5 Europe Mobile Phone Insurance Market Share, By Function Type, By Value, 2019-2029
- Figure 6 Europe Mobile Phone Insurance Market Share, By Sensor Type, By Value, 2019-2029
- Figure 7 Europe Mobile Phone Insurance Market Share, By Vehicle Type, By Value, 2019-2029
- Figure 8 Europe Mobile Phone Insurance Market Share, By Sales Channel, By Value, 2019-2029
- Figure 9 Europe Mobile Phone Insurance Market Share, By Country, By Value, 2019-2029
- Figure 10 Germany Mobile Phone Insurance Market Size, By Value (USD Million), 2019-2029
- Figure 11 Germany Mobile Phone Insurance Market Share, By Function Type, By Value, 2019-2029
- Figure 12 Germany Mobile Phone Insurance Market Share, By Sensor Type, By Value, 2019-2029
- Figure 13 Germany Mobile Phone Insurance Market Share, By Vehicle Type, By Value, 2019-2029
- Figure 14 Germany Mobile Phone Insurance Market Share, By Sales Channel, By Value, 2019-2029
- Figure 15 United Kingdom Mobile Phone Insurance Market Size, By Value (USD Million), 2019-2029
- Figure 16 United Kingdom Mobile Phone Insurance Market Share, By Function Type, By Value, 2019-2029
- Figure 17 United Kingdom Mobile Phone Insurance Market Share, By Sensor Type, By Value, 2019-2029
- Figure 18 United Kingdom Mobile Phone Insurance Market Share, By Vehicle Type, By Value, 2019-2029
- Figure 19 United Kingdom Mobile Phone Insurance Market Share, By Sales Channel, By Value, 2019-2029
- Figure 20 France Mobile Phone Insurance Market Size, By Value (USD Million), 2019-2029
- Figure 21 France Mobile Phone Insurance Market Share, By Function Type, By Value, 2019-2029
- Figure 22 France Mobile Phone Insurance Market Share, By Sensor Type, By Value, 2019-2029
- Figure 23 France Mobile Phone Insurance Market Share, By Vehicle Type, By Value, 2019-2029
- Figure 24 France Mobile Phone Insurance Market Share, By Sales Channel, By Value, 2019-2029
- Figure 25 Italy Mobile Phone Insurance Market Size, By Value (USD Million), 2019-2029
- Figure 26 Italy Mobile Phone Insurance Market Share, By Function Type, By Value, 2019-2029
- Figure 27 Italy Mobile Phone Insurance Market Share, By Sensor Type, By Value, 2019-2029
- Figure 28 Italy Mobile Phone Insurance Market Share, By Vehicle Type, By Value, 2019-2029
- Figure 29 Italy Mobile Phone Insurance Market Share, By Sales Channel, By Value, 2019-2029
- Figure 30 Rest of Europe Mobile Phone Insurance Market Size, By Value (USD Million), 2019-2029
- Figure 31 Rest of Europe Mobile Phone Insurance Market Share, By Function Type, By Value, 2019-2029
- Figure 32 Rest of Europe Mobile Phone Insurance Market Share, By Sensor Type, By Value, 2019-2029
- Figure 33 Rest of Europe Mobile Phone Insurance Market Share, By Vehicle Type, By Value, 2019-2029
- Figure 34 Rest of Europe Mobile Phone Insurance Market Share, By Sales Channel, By Value, 2019-2029
List of Tables
- Table 1 Europe Mobile Phone Insurance Market Size, By Function Type, By Value, 2019-2029
- Table 2 Europe Mobile Phone Insurance Market Size, By Sensor Type, By Value, 2019-2029
- Table 3 Europe Mobile Phone Insurance Market Size, By Vehicle Type, By Value, 2019-2029
- Table 4 Europe Mobile Phone Insurance Market Size, By Sales Channel, By Value, 2019-2029
- Table 5 Europe Mobile Phone Insurance Market Size, By Country, By Value, 2019-2029
- Table 6 Germany Mobile Phone Insurance Market Size, By Function Type, By Value, 2019-2029
- Table 7 Germany Mobile Phone Insurance Market Size, By Sensor Type, By Value, 2019-2029
- Table 8 Germany Mobile Phone Insurance Market Size, By Vehicle Type, By Value, 2019-2029
- Table 9 Germany Mobile Phone Insurance Market Size, By Sales Channel, By Value, 2019-2029
- Table 10 United Kingdom Mobile Phone Insurance Market Size, By Function Type, By Value, 2019-2029
- Table 11 United Kingdom Mobile Phone Insurance Market Size, By Sensor Type, By Value, 2019-2029
- Table 12 United Kingdom Mobile Phone Insurance Market Size, By Vehicle Type, By Value, 2019-2029
- Table 13 United Kingdom Mobile Phone Insurance Market Size, By Sales Channel, By Value, 2019-2029
- Table 14 France Mobile Phone Insurance Market Size, By Function Type, By Value, 2019-2029
- Table 15 France Mobile Phone Insurance Market Size, By Sensor Type, By Value, 2019-2029
- Table 16 France Mobile Phone Insurance Market Size, By Vehicle Type, By Value, 2019-2029
- Table 17 France Mobile Phone Insurance Market Size, By Sales Channel, By Value, 2019-2029
- Table 18 Italy Mobile Phone Insurance Market Size, By Function Type, By Value, 2019-2029
- Table 19 Italy Mobile Phone Insurance Market Size, By Sensor Type, By Value, 2019-2029
- Table 20 Italy Mobile Phone Insurance Market Size, By Vehicle Type, By Value, 2019-2029
- Table 21 Italy Mobile Phone Insurance Market Size, By Sales Channel, By Value, 2019-2029
- Table 22 Rest of Europe Mobile Phone Insurance Market Size, By Function Type, By Value, 2019-2029
- Table 23 Rest of Europe Mobile Phone Insurance Market Size, By Sensor Type, By Value, 2019-2029
- Table 24 Rest of Europe Mobile Phone Insurance Market Size, By Vehicle Type, By Value, 2019-2029
- Table 25 Rest of Europe Mobile Phone Insurance Market Size, By Sales Channel, By Value, 2019-2029
- Table 26 Apple Inc. Company Overview
- Table 27 Apple Inc. Financial Overview
- Table 28 American International Group Company Overview
- Table 29 American International Group Financial Overview
- Table 30 Assurant Inc. Company Overview
- Table 31 Assurant Inc. Financial Overview
- Table 32 Asurion Company Overview
- Table 33 Asurion Financial Overview
- Table 34 AT&T Inc. Company Overview
- Table 35 AT&T Inc. Financial Overview
- Table 36 AmTrust Financial Company Overview
- Table 37 AmTrust Financial - Financial Overview
- Table 38 Brightstar Corp. Company Overview
- Table 39 Brightstar Corp. Financial Overview
- Table 40 GoCare Warranty Group Company Overview
- Table 41 GoCare Warranty Group Financial Overview
- Table 42 SquareTrade, Inc. Company Overview
- Table 43 SquareTrade, Inc. Financial Overview
- Table 44 Taurus Insurance Services Limited Company Overview
- Table 45 Taurus Insurance Services Limited Financial Overview
